Arabic AR Chinese (Simplified) ZH-CN English EN French FR German DE Japanese JA Portuguese PT Russian RU Spanish ES Ukrainian UK

OPEC-member Angola could be on the rebound

Latest news

    April 13 (UPI) — With production close to a two-year low, presidential action in OPEC-member Angola has the potential to reverse a steady decline, analysis finds.

    “Low oil prices and the fact that the majority of untapped oil reserves are located in deep and ultra-deep waters, which are more costly to develop, have discouraged foreign investors since 2014,” Maja Bovcon, a senior analyst for Africa at Verisk Maplecroft, said in a brief emailed Friday to UPI.

    Secondary sources reporting to economists at the Organization of Petroleum Exporting Countries estimated Angola produced around 1.5 million barrels of oil per day last month, down more than 80,000 bpd from February.

    Angola is the second-largest oil producer in Africa, though a period of lower oil prices and field maturation are curbing its potential. Production for the OPEC member is at an 18-month low.

    Angolan energy company Sonangol is working with a group of international partners on how to make the country’s oil sector more attractive to investors. Action taken by President João Lourenço, meanwhile, would make it easier for major oil players to grab new acreage offshore.

    “The fact that the new legislation has been adopted as a presidential decree, which is faster than passing it through the parliament, indicates Lourenço’s commitment to speed up the reform of the oil and gas sector,” Bovcon said.

    According to analysis emailed from commodity pricing group S&P Global Platts, production from Angola is expected to kick up once production from the deepwater Kaombo field starts this summer. The filed could have a peak capacity of around 230,000 bpd.

    In March, Italian energy company Eni and Sonangol started production at their joint deepwater Ochigufu project, which would add another 25,000 barrels to current levels. The new start up comes roughly a year after Eni operations began at the East Hub project in deep Angolan waters using an offshore floating production vessel capable of generating up to 80,000 bpd.

    View the original article: https://www.upi.com/Energy-News/2018/04/13/OPEC-member-Angola-could-be-on-the-rebound/2051523613455/

    Angola is the third-largest oil supplier to China, the second-largest economy in the world, after Russia and Saudi Arabia, respectively. OPEC economists said Saudi Arabia has been picking up the slack because of declines in Russian and Angolan exports so far this year.

    https://www.upi.com/Energy-News/2018/04/13/OPEC-member-Angola-could-be-on-the-rebound/2051523613455/ to see original story and photos

    In the same category are

    FAA orders inspections for Boeing 737 engines after Southwest flight April 19 (UPI) -- The U.S. Federal Aviation Administration on Wednesday ordered enhanced inspections of certain Boeing 737 engines, in response to on...
    Saxo Bank: Geopolitical risk in the driver’s seat for oil prices April 18 (UPI) -- While trade tensions between the United States and China could throttle momentum, geopolitical risk is supporting crude oil prices,...
    WWE Smackdown: Bryan, Styles team up, Big Cass returns April 18 (UPI) -- The Superstar shake-up continued Tuesday on Smackdown Live as WWE Champion AJ Styles and Daniel Bryan teamed up to take on Rusev an...
    No luck in latest North Sea oil and gas search April 17 (UPI) -- A drilling facility in the Norwegian waters of the North Sea is moving on to frontier territory after coming up empty handed, a par...
    No luck in latest North Sea oil and gas search April 17 (UPI) -- A drilling facility in the Norwegian waters of the North Sea is moving on to frontier territory after coming up empty handed, a par...
    Eminem closes first Coachella weekend with Dr. Dre, 50 Cent April 16 (UPI) -- Eminem closed out the first weekend of the 2018 Coachella Valley Music and Arts Festival by performing with two of his longtime col...

    Leave a comment

    Your email address will not be published. Required fields are marked *